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FUD Copy Pastas

**Last updated: May 30, 2018: Updated wallet info with release of Trinity.
This 4 part series from the IOTA foundation covers most of the technical FUD centered at IOTA.
https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
Also the official IOTA faq on iota.org answers nearly all of these questions if you want to hear the answers directly.
Purpose of Writing
Since posting FUD is so ridiculously low-effort in comparison to setting the record straight, I felt it necessary to put a log of copy-pastas together to balance the scales so its just as easy to answer the FUD as it was to generate it. So next time you hear someone say "IOTA is centralized", you no longer have to take an hour out of your day and spin your wheels with someone who likely had an agenda to begin with. You just copy-paste away and move on.
It's also worth mentioning IOTA devs are too damn busy working on the protocol and doing their job to answer FUD. So I felt a semblance of responsibility.
Here they are. These answers are too my understanding so if you see something that doesn't look right let me know! They are divided into the following categories so if you are interested in a specific aspect of IOTA you can scroll to that section.
1) WALLET
2) COMMUNITY
3) INVESTING
4) TECHNICAL

WALLET

IOTA was hacked and users funds were stolen!

First, IOTA was not hacked. The term “hacked” is thrown around way too brazingly nowadays and often used to describe events that weren’t hacks to begin with. Its a symptom of this space growing way too fast creating situations of the blind leading the blind and causing hysteria.
What happened:
Many IOTA users trusted a certain 3rd party website to create their seed for their wallets. This website silently sent copies of all the seeds generated to an email address and waited till it felt it had enough funds, then it took everyones money simultaneously. That was the ”hack”.
https://blog.iota.org/the-secret-to-security-is-secrecy-d32b5b7f25ef
The lesson:
The absolute #1 marketed feature of crypto is that you are your own bank. Of everything that is common knowledge about crypto, this is at the top. But being your own bank means you are responsible for the security of your own funds. There is no safety net or centralized system in place that is going to bail you out.
For those that don’t know (and you really should if you’ve invested in anything crypto), your seed is your username-pw-security question-backup email all rolled into one. Would you trust a no-name 3rd party website to produce your username+pw for your bank account? Because thats essentially what users did.
The fix:
Make your seed offline with the generators in the sidebar or use dice. This is outlined in the “how to generate wallet and seed” directly following.
The trinity and carriota wallets will have seed generators within them upon their release.

How to generate wallet and seed

1) Download official trinity wallet here
2) follow the instructions on the app.
3) Do not run any apps in conjunction with the trinity app. Make sure all other apps are completely closed out on your device.

Are you sure a computer can’t just guess my seed?

An IOTA seed is 81 characters long. There are more IOTA seed combinations than atoms in the universe. All the computers in the world combined would take millions billions of years just to find your randomly generated one that’s located somewhere between the 0th and the 2781st combination. The chance for someone to randomly generate the exact same seed as yours is 1 / (2781).
If you can’t fathom the number 27 ^ 81, this video should help:
https://www.youtube.com/watch?v=p8YIdmwcubc

Why is Trinity wallet taking so long!!??

Trinity is out. https://trinity.iota.org/

COMMUNITY

IOTA introduction video to share with family

https://youtu.be/LyC04NrJ3yA

Tangle visualizers

http://tangle.glumb.de/

How to setup a full node

Download Bolero and run! Bolero is an all-in-one full node install package with the latest IOTA IRI and Nelson all under a one-click install!
https://github.com/SemkoDev/bolero.fun/releases
"If you want to help the network then spam the network. If you really want to help the network then create a full node and let others spam you!"

No questions or concerns get upvoted, only downvoted!

That’s just the nature of this business. Everyone in these communities has money at stake and are extremely incentivized to keep only positive news at the top of the front page. There is nothing you're going to do about that on this subreddit or any crypto subreddit. It's just a reddit fact of life we have to deal with. Everyone has a downvote and everyone has an upvote. But what can be done is just simply answer the questions even if they are downvoted to hell. Yea most people wont' see the answers or discussion but that one person will. every little bit counts.
I will say that there are most certainly answers to nearly every FUD topic out there. Every single one. A lot of the posts I'm seeing as of late especially since the price spike are rehashed from months ago. They are often not answered not because there isn't an answeexplanation, but because regulars who have the answers simply don't see them (for the reason listed above). I can see how it's easy for this to be interpreted (especially by new users) as there not being an answer or "the FUDsters are on to something" but thats just not the case.

Developer's candidness (aka dev's are assholes!)

http://www.reddit.com/Iota/comments/7obyyx/serious_talk_about_pr_system_iota_and_david/ds8ouvc
http://www.reddit.com/Iota/comments/7obyyx/serious_talk_about_pr_system_iota_and_david/ds8rega
http://www.reddit.com/Iota/comments/7oi9g8/why_is_everyone_so_critical_of_david_this_has_to/ds9rtbb
https://i.redd.it/qb0ik4tgny401.jpg
Lastly and to no surprise, David conducts himself very professionally in this interview even when asked several tough questions about the coordinator and MIT criticism.

IOTA Devs do not respond appropriately to criticism

When critiquers provide feedback that is ACTUALLY useful to the devs, then sure they'll be glad to hear it. So far not once has an outside dev brought up something that the IOTA devs found useful. Every single time it ends up being something that was already taken into consideration with the design and if the critiquer did an ounce of research they would know that. Thus you often find the IOTA devs dismissing their opinion as FUD and responding with hostility because all their critique is really doing is sending the message to their supporters that they are not supposed to like IOTA anymore.
Nick Johnson was a perfect example of this. The Ethereum community was co-existing [peacefully]with IOTA’s community (as they do with nearly all alt coins) until Nick wrote his infamous article. Then almost overnight Ethereum decided it didn’t like IOTA anymore and we’ve been dealing with that shit since. As of today, add LTC to that list with Charlie’s (even admitting) ignorant judgement of IOTA.
12/17/2017: Add John McAfee (bitcoin cash) and Peter Todd (bitcoin) to the list of public figures who have posted ignorantly on IOTA.

A lot of crypto communities certainly like to hate on IOTA...

IOTA is disrupting the disrupters. It invented a completely new distributed ledger infrastructure (the tangle) that replaces the blockchain and solves all of its fundamental problems (namely fees and scaling). To give you an idea of this significance, 99% of the cryptocurrencies that exist are built on a block chain. These projects have billions of dollars invested into them meaning everyone in their communities are incentivized to see IOTA fail and spread as much FUD about it as possible. This includes well known organizations, public figures, and brands. Everyone commenting in these subreddits and crypto communities have their own personal money at stake and skin in the game. Misinformation campaigns, paid reddit posters, upvote/downvote bots, and corrupt moderators are all very real in this space.

INVESTING

How do I buy IOTA

https://medium.com/@fuo213/how-to-buy-iota-the-complete-guide-for-crypto-dummies-e63560caf921

What is the IOTA foundation?

IOTA foundation is a non-profit established in Germany and recognized by the European Union. Blog post here: https://blog.iota.org/iota-foundation-fb61937c9a7e

How many companies and organizations are interested, partnered or actively using IOTA?

A lot, and often too many to keep up with.
https://reddit.com/Iota/comments/7f3dmx/list_of_known_iota_partnerships_corporate/

How was IOTA distributed?

All IOTAs that will ever exist were sold at the ICO in 2015. There was no % reserved for development. Devs had to buy in with their personal money. Community donated back 5% of all IOTA so the IOTA foundation could be setup.

No inflation schedule? No additional coins? How is this sustainable?

Interestingly enough, IOTA is actually the only crypto that does not run into any problems with a currency cap and deflationaryism. Because there are zero fees, you will always be able to pay for something for exactly what it's worth using IOTA, no matter how small the value. If by chance in the future a single iota grows so large in value that it no longer allows someone to pay for something in fractions of a penny, the foundation would just add decimal points allowing for a tenth or a hundreth or a thousandth of an iota to be transacted with.
To give you some perspective, if a single IOTA equals 1 penny, IOTA would have a 27 trillion dollar market cap (100x that of Bitcoin's today)

IOTA is not for P2P, only for M2M

With the release of the trinity wallet, it's now dead simple for anyone to use IOTA funds for P2P. Try it out.

Companies technically don’t have to use the IOTA token

Yes they do
Worth clarifying that 0 iota data transactions are perfectly fine and are welcomed since they still provide pow for 2 other transactions and help secure the network. In the early stages, these types of transactions will probably be what give us the tps/pow needed to remove the coordinator and allow the network defend 34% attacks organically.
But... if someone does not want to sell or exchange their data for free (0 IOTA transaction), then Dominic is saying that the IOTA token must be used for that or any exchange in value on the network.
This is inherently healthy for the ecosystem since it provides a neutral and non-profit middle ground that all parties/companies can trust. If one company made their own token it wouldn’t be trusted since companies are incentivized by profits and nothing is stopping them from manipulating their token to make them more money. Thus, the IOTA foundation will not partner with anyone who refuses to take this option off the table.

All these companies are going to influence IOTA development!!

These companies have no influence on the development of IOTA. They either choose to use it or they don’t.

Internet of things is cheap and will stay cheap

Internet of things is one application of IOTA and considered by many to be the 4th industrial revolution. Go do some googling. IOTA having zero fees enables M2M for the first time in history. Also, if a crypto can do M2M it sure as shit can do M2P and P2P. M2M is hard mode.

IOTA surpassing speculation

IOTA, through the data marketplace and [qubic](qubic.iota.org), will be the first crypto to surpass speculation and actually be used in the real world for something. From there, it will branch out into other use cases, such as P2P. Or maybe P2P use of IOTA will grow in parallel with M2M, because why not?
https://blog.iota.org/iota-data-marketplace-cb6be463ac7f
12/19/17 update: Bosch reinforces IOTA's break-out from speculation by buying IOTA tokens for its future use in the data marketplace. https://i.redd.it/8e5b8bi9ov401.png
http://www.bosch-presse.de/pressportal/de/en/robert-bosch-venture-capital-makes-first-investment-in-distributed-ledger-technology-137411.html

Investing in a new project barely off the ground

Investing in a project in its early stages was something typically reserved for wealthy individuals/organizations before ICO’s became a thing. With early investing comes much less hand holding and more responsibility on the user to know what they are doing. If you have a hard time accepting this responsibility, don’t invest and wait for the technology to get easier for you. How many people actually knew how to use and mine bitcoin in 2009 before it had all its gui infrastructure?
IOTA is a tangle, the first of its kind. NOT a copy paste blockchain. As a result wallets and applications for IOTA are the first of their kind and translating the tangle into a nice clean user-friendly blockchain experience for the masses is even more taxing.

Why is the price of my coin falling?!

This may be the most asked question on any crypto subreddit but it's also the easiest to explain. The price typically falls when bad things happen to a coin or media fabricates bad news about a coin and a portion of investors take it seriously. The price increases when good things happen to a coin, such as a new exchange listing or a partnership announced etc.. The one piece that is often forgotten but trumps all these effects is something called "market forces".
Market forces is what happens to your coin when another coin gets a big news hit or a group of other coins get big news hits together. For example, when IOTA data marketplace released, IOTA hit a x5 bull run in a single week. But did you notice all the other alt coins in the red? There are a LOT of traders that are looking at the space as a whole and looking to get in on ANY bull action and will sell their other coins to do so. This effect can also be compounded over a long period of time such as what we witnessed when the bitcoin fork FOMO was going on and alt coins were squeezed continuously to feed it for weeks/months.
These examples really just scratch the surface of market forces but the big takeaway is that your coin or any coin will most certainly fall (or rise) in price at the result of what other coins are doing, with the most well known example being bitcoin’s correlation to every coin on the market. If you don't want to play the market-force game or don't have time for it, then you can never go wrong buying and holding.
It's also important to note that there are layers of investors. There's a top layer of light-stepping investors that are a mixture of day traders and gamblers trying to jump in and jump out to make quick money then look for the next buying (or shorting) opportunity at another coin. There's a middle layer of buyers and holders who did their research, believe in the tech and placing their bets it will win out in the long run. And the bottom layer are the founders and devs that are in it till the bitter end and there to see the vision realized. When a coin goes on a bull run, always expect that any day the top layer is going to pack up and leave to the next coin. But the long game is all about that middle layer. That is the layer that will be giving the bear markets their price-drop resistance. That is why the meme "HODL" is so effective because it very elegantly simplifies this whole concept for the common joe and makes them a part of that middle layer regardless if they understand whats going on or not.

TECHNICAL

How is IOTA free and how does it scale

IOTA is an altruistic system. Proof of work is done in IOTA just like bitcoin. Only a user’s device/phone must do pow for 2 other transactions before issuing one of its own. Therefore no miners and no fees. And the network becomes faster the more transactions are posted. Because of this, spamming the network is encouraged since they provide pow for 2 other transactions and speed up the network.

IOTA is centralized

IOTA is more decentralized than any blockchain crypto that relies on 5 pools of miners, all largely based in China. Furthermore, the coordinator is not a server in the dev’s basement that secretly processes all the transactions. It’s several nodes all around the globe that add milestone transactions to show the direction of the IF’s tangle within the DAG so people don’t accidentally follow a fork from a malicious actor. Anyone with the know-how can fork the tangle right now with a double-spend. But no one would follow their fork because the coordinator reveals which tangle is the legit IF one. If the coordinator wasn’t there (assuming low honest-transaction volume), there would be no way to discern which path to follow especially after the tangle diverges into forks of forks. Once throughout of honest transactions is significant enough, the “honest tangle” will replace the coordinated one and people will know which one to follow simply because it’s the biggest one in the room.
Referencing the coordinator is also optional.
Also, if you research and understand how IOTA intends to work without the coordinator, it’s easier to accept it for now as training wheels. I suggest reading pg 15 and on of the white paper analyzing in great depth how the network will defend different attack scenarios without a coordinator. For the past several months, IOTA foundation has been using St Petersburg college’s super computer to stress test IOTA and learn when they can turn the coordinator off. There will likely be a blog about the results soon.
This is another great read covering double spends on IOTA without a coordinator: www.tangleblog.com/2017/07/10/is-double-spending-possible-with-iota/
This too: http://www.reddit.com/Iota/comments/7eix4a/any_iota_guru_that_can_explain_what_this_guy_is/dq5ijrm
Also this correspondence with Vitalik and Come_from_Beyond https://twitter.com/DavidSonstebo/status/932510087301779456
At the end of the day, outstanding claims require outstanding evidence and folks approaching IOTA with a “I’ll believe it when I see it” attitude is completely understandable. It’s all about your risk tolerance.

Can IOTA defend double spend attacks?

99% of these “but did they think about double spend attacks?” type questions could just be answered if people went and did their own research. Yes of course they thought about that. That’s like crypto101…
www.tangleblog.com/2017/07/10/is-double-spending-possible-with-iota/

Will IOTA have smart contracts?

Yes - qubic.iota.org

Trinary vs binary?

"By using a ternary number system, the amount of devices and cycles can be reduced significantly. In contrast to two-state devices, multistate devices provide better radix economy with the option for further scaling"
https://www.nature.com/articles/srep36652
https://www.reddit.com/CryptoCurrency/comments/6jgbvb/iota_isnt_it_the_perfect_cryptocurrency/dje8os2/

Bitcoin with lightning network will make IOTA obsolete.

If you want lightning network, IOTA already released it. Called flash channels.
https://blog.iota.org/instant-feeless-flash-channels-88572d9a4385

IOTA rolled its own crypto!

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
This is why: https://blog.iota.org/the-transparency-compendium-26aa5bb8e260
Cybercrypt has been hired to review and audit it. IOTA is currently running SHA-3/KECCAK now until Curl is ready.

MIT said bad things about IOTA

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
And for official formal closure that MIT was completely wrong:
https://www.reddit.com/CryptoCurrency/comments/7svr8mit_media_lab_dci_allegations_proven_wrong_iotas/
https://blog.iota.org/curl-disclosure-beyond-the-headline-1814048d08ef
https://medium.com/@comefrombeyond/cfbs-comments-on-https-www-media-mit-edu-posts-iota-response-5834c7f8172d

Nick Johnson says IOTA is bad!

Nick Johnson is an ethereum dev who is incentivized to see IOTA fail, see CFBs twitter responses here.
https://mobile.twitter.com/nicksdjohnson/status/912676954184323073?lang=en
And this
https://t.co/1HgfPhg2lP
And this
https://www.reddit.com/Iota/comments/72lly0/comment/dnjk9f5?st=JB2VKUBB&sh=a2892548
And this
https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2

IOTA is not private!

Masked authenticated messages exist right now so data can be transferred privately. Very important for businesses.

Coin privacy

Centralized coin mixer is out that foundation runs. Logs are kept so they can collect data and improve it Folks can copy the coin mixer code and run it themselves. Goal is for mixer to be decentralized and ran by any node.

How do nodes scale? How on earth can all that data be stored?

Full nodes store, update and verify from the last snapshot, which happens roughly every month. Its on the roadmap to make snapshotting automatic and up to each full node’s discretion.With automatic snapshots, each full node will act as a partial perma-node and choose when to snapshot its tangle data. If someone wants to keep their tangle data for several months or even years, they could just choose not to snapshot. Or if they are limited on hard drive space, they could snapshot every week.
Perma-nodes would store the entire history of the tangle from the genesis. These are optional and would likely only be created by companies who wish to sell historical access of the tangle as a service or companies who heavily use the tangle for their own data and want to have quick, convenient access to their data’s history.
Swarm nodes are also in development which will ease the burden on full nodes. https://blog.iota.org/iota-development-roadmap-74741f37ed01

Node discovery is manual? Wtf?

Nelson is fixing has fixed this:
https://medium.com/deviota/carriota-nelson-automatic-peer-discovery-for-iota-bdca9b8b8750
https://medium.com/deviota/carriota-nelson-in-a-nutshell-1ee5317d8f19
https://github.com/SemkoDev/nelson.cli

IOTA open source?

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
IOTA protocol is open source. The coordinator is closed source open source.
https://imgur.com/a/xWQUp

Foundation moved user's funds?

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
https://blog.iota.org/claims-and-reclaims-finalization-e692844c505a
https://www.reddit.com/Iota/comments/7mmimu/claims_and_reclaims_is_processing/drv63d5/

My IOTA donation address:

9PZFQNPLVDUNGAOYYMMXFWMGNPMNAJWZKTYOOMCYQTZQA9RPVVN9SE9KGOL9HWZFJBXKQGEOY9JJYDXB9TY9FLQPXB
submitted by mufinz2 to Iota [link] [comments]

r/Bitcoin recap - May 2019

Hi Bitcoiners!
I’m back with the 29th monthly Bitcoin news recap. (sorry a bit late this month)
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in May 2019
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

07-22 18:03 - 'Case Study: Dissecting Bitcoin, Ethereum, USDT, USPX' (self.Bitcoin) by /u/OliAustin101 removed from /r/Bitcoin within 43-53min

'''
Cryptocurrencies are gradually becoming a major part of the global financial ecosystem. The technology that is barely 10 years old has expanded so mightily that the highest decision making platforms are showing serious concerns of the impact that it could have on a global level.
Apart from functioning as financial instruments, cryptocurrencies operate on a layer of technology that solves specific problems, blockchain technology. This is the technology that determines the value implications of cryptocurrencies and how much adoption that they can receive.
Presently there is a long list of cryptocurrencies in existence, a few thousand of them actually. Although some of them tend to offer similar solutions in terms of financial settlements and payment systems, other exist around different areas of the industry where their impacts are also being felt significantly. Here are a few of them:
Bitcoin (BTC)
Bitcoin is a cryptocurrency that can be used for peer to peer transaction without the need for an intermediary, like a bank. It is a kind of electronic cash that is operated on a decentralized network that is also known as a bitcoin network.
It is the first cryptocurrency to come into existence and was created by a person or group with the pseudonym Satoshi Nakamoto in the year 2009.
There can only be 21,000,000 Bitcoins in existence, and these will be generated over a period of time through computer processes called mining. This is the application of computational power by computer processors with specific algorithms to confirm transactions on the Bitcoin network. The process is a competitive one between participating computers, and the first to solve existing algorithmic problems are rewarded with new Bitcoins.
As at the time of writing, the price of one Bitcoin is $11,260. The daily trading volume stands at $24,928,411,989 while the market capitalization of the pioneer cryptocurrency is $200,425,732,749.
Ethereum (ETH)
Ethereum is the second largest cryptocurrency in terms of market capitalization. Despite coming alive several years after Bitcoin, with many other cryptocurrencies created before it, the decentralized applications platform shot to stardom within a short period of time.
Ethereum’s journey into existence started in 2013 when Vitalik Buterin published its whitepaper. Between that time and 2015, the project conducted an ICO that raised around $18.4 million and was launched.
Since after the Ethereum “testnet” was released in May 2015, the main “Frontier” and other stages has come to life. Summarily, apart from offering a decentralized financial system through the platform’s token, ETH, Ethereum is mainly a blockchain for developing decentralized applications (dApps). This is one of the fundamental factors behind Ethereum’s rapid growth and adoption level. Ever since, so many applications have been created on the Ethereum platform.
In June 2016, there was a breach on the Ethereum blockchain, with hackers making away with $50 million worth of ETH. This degenerated to an eventual hardfork that created a new chain that retained the Ethereum name and symbol, while the original chain became what is known today as Ethereum Classic, ETC.
As at the time of writing, the dollar price of Ethereum is $291. The cryptocurrency has a daily trading volume of $8,691,373,944, and a market capitalization of $31,152,084,397.
Tether (USDT)
Tether is a blockchain-based cryptocurrency that is backed by fiat. This means that the amount in value of Tether coins in circulation at any given time is backed by an equivalent amount in US dollars, euros or Japanese yen deposited in designated bank accounts.
Tether is a stablecoin, which is a term used to describe any cryptocurrency that is pegged to a stable asset, in this case, fiat. Stablecoins are a new breed of cryptocurrencies that are aimed at stabilizing the digital currency ecosystem. This group of coins avoid the kind of huge swings in price that are usually noticed with traditional cryptocurrencies like Bitcoin and Ethereum.
Tether came into existence in July 2014 under the name RealCoin. By November of the same year, it was renamed Tether by the company that is responsible for maintaining the reserve amounts in fiat, Tether Ltd.
One Tether is priced at $1, and the daily circulation volume as at press time is $23,649,050,152 with a market capitalization of $3,665,910,621.
SpaceX (USPX)
USPX is one of the newer cryptocurrency projects that is establishing itself within the industry. The project is championed by Elon Musk, the wealthiest South African citizen by net worth.
The coin is the tokenized version of the SpaceX project that allows anyone to buy into the project easily.
SpaceX started in 2002 as a project that manufactures and launches advanced rockets and spacecraft. The ultimate goal of the company is to enable humans to go ahead and live on other planets apart from earth.
The USPX coin exemplifies one of the fundamental benefits of blockchain technology, Tokenization. This allows existing tangible and intangible assets to be broken down into smaller pieces to enable more public inclusion.
USPX is allowing all classes of investors to own economic interest in Elon Musk’s multi billion dollar SpaceX.
Conclusion
Different coins have different characteristics and use cases. While they are all basically usable within their communities and particular networks, their value exchange capabilities also qualifies them as monetary assets and sometimes payment vehicles.
How to access these coins has been the challenge of most cryptocurrencies users. Even though they may be available on some popular platforms, the complexities involved in most cases does not encourage adoption.
This is the focus of the liquidity providing platform, [Vertex.Market]1 whose purpose is to make cryptocurrencies easily accessible to every user of the internet. Vertex is an peer-to-peer platform where all kinds of cryptocurrencies, even those that are yet to be listed, can be purchased using bank transfer.
Cryptocurrency adoption is essential towards the general development of the technology, and this can be made possible only when accessibility becomes as easy as possible.
[[link]3
'''
Case Study: Dissecting Bitcoin, Ethereum, USDT, USPX
Go1dfish undelete link
unreddit undelete link
Author: OliAustin101
1: *e***x.m**ket**sour*e=post_page---*-----*-*------*-------* 2: medi***com***ffi*ia**83664/case-*tud*-dis*ecti*g-bitco*n*eth*reum-*sdt-u*px-**e*c813e2* 3: med*um*c*m/@of*ic**l\_**6*4/case-s*ud*-disse*t*n**bitco*n*eth*reum-usdt-u*px-f*efc813*26*^^*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

INT - The staking, supernoded, IoT king from china that you've never heard of.

If you would prefer to read this on Medium, you can here.
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It wasn't too long ago when I came across Polkadot, a new framework for blockchain 3.0 that aims to solve most of the issues that plagues the first two generations of blockchain. I was completely taken aback by the simplicity and elegance of the framework and the solutions it proposed.
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If you have the time, I would HIGHLY recommend reading the Polkadot whitepaper for an in-depth explanation of the reasoning behind this structure. It's fantastically done.
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Polkadot was founded by Dr. Gavin Wood, the same Gavin Wood who founded Ethereum with Vitalik and wrote Solidity, Ethereum’s smart contract language and the basis of the Ethereum Virtual Machine. He started the Polkadot project in an effort to solve the core issues we see in blockchain today, namely the scalability, speaking not just for transaction volume but the resources involved in processing them, and the isolation of blockchains from other networks.
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Ultimately, the above issues that are present in the blockchains we see today are caused by having single layer blockchains with one-dimensional scaling (block size and block time), with a generalized group of rules that applies globally within that network that eventually leads to an inability to innovate, adapt and perform at scale. These single chain networks like Bitcoin and Ethereum began knowing they would have to implement a new technology or second layer solution (like Lightning) in order to operate properly at scale.
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In the traditional framework, transactions have to be processed one by one by each node, checking for validity, batched into a block, hashed and (in a competition to get there first) added to the blockchain. The whole process can be broken down into two parts, the verifying of transactions and the block generation. The block generation portion of this is called the State Transition mechanism, where the ‘state’ of the blockchain is just ‘who owns what’. This consensus architecture is mainly limited by the need to have wide timing margins to allow for the expected processing time for doing these operations. This applies to both PoW and PoS mechanisms.
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The way Polkadot proposes the solution to this is to create a network of subchains running in parallel and to separate the validators from the state transition mechanism, leaving the subchain nodes to only make sure the transactions are valid and leaving the parent chain to take the computational load as block generator, in a two-tier DPoS architecture.
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To illustrate, imagine having to run down a path collecting balls on either side of that path and every 10 feet you stop at a station, count, weigh and measure the size of those balls, then package them all up into a box before continuing to run down that path to collect more balls. You are limited in this case by the length of time it takes you to organize, characterize and package those balls. This is the current case of single chain PoW/PoS chains where the full nodes do the validating and block generation work. Whereas, in the proposed multi-chain framework, you run down that same path, collecting balls and every 10 feet you just place the box at the station and keep going, there is another person (node) there to do the packaging, this system is limited only by how fast you can collect those balls.
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Current real-world blockchain networks are limited to about 30 transactions per second whereas, in Polkadot’s testing, this framework allowed a transaction throughput of around 1000 TPS on each subchain, with the ability to infinitely scale by the addition of subchains in the network.
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The added beauty in this is that it also allows each one of these subchains to define their own rule sets that best suit the use case. You can successfully have a network of subchains, one with smart contracts, one with fast and free transactions, one with private transactions, one a state-less data transaction chain, all able to communicate with each other, creating a blockchain of blockchains.
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It is important to note here that in this framework, the parent chain acts only as a relay and block generator for each subchain. It has no inherent application. The relay chain is simply provides the base from which a large number of validatable, dynamic data structures can be hosted side by side. In Polkadot, they call these data structures, parallel subchains or ‘parachains’, although there is no need for them to be blockchains at all. They could be a set of independent chains like Bitcoin or Ethereum, or different networks all together like the Internet or a private banking network, with the added and very important functionality of trustlessly transacting between those networks.
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The simplicity of this relay chain makes it easier to maintain with less things to go wrong and easier to upgrade without the need for hardforks or concern with backwards compatibility.
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What does this afford us? A network that can have an array of different blockchains, each with their own specific purpose, working in perfect concert with one another. A future-proof framework able to integrate new blockchain technology as it becomes available without over-complicated coordination or hardforks.
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Polkadot is aiming to use this framework to tackle a more generalized application of linking existing blockchains, outside networks (Internet, banking networks) and being Ethereum 3.0, allowing people to not only generate their own tokens but also their own blockchains; what they call Web3. While I thought this was a fantastic application and exactly what the crypto ecosystem needs, I was curious to see what other projects were using the same revolutionary framework and therefore, we're the next generation of blockchain.
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IoT was immediately what came to mind. An ecosystem with a wide variety of possible transaction types, device types and the potential for an enormous scaling need. It is not difficult to imagine a scenario where the one size fits all approach or any current or planned version of Ethereum does not satisfy the needs of an IoT ecosystem. Imagine the network needs of a weather sensor, sending lightweight data every few seconds where fast block times needed, a smart car sending and receiving location and traffic data where larger data set communication efficiency is paramount, a smart home hub which controls everything in your house where smart contracts and artificial intelligence is needed, your smartphone selling your private data for ad revenue where strong encryption is vital and the ability to transact privately with a fungible currency all in the same network, tied together. The IoT ecosystem needs the ability to handle all scenarios and there is not one, single chain network that can fit the needs of that ecosystem.
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That’s when I came across INT’s whitepaper titled, “An economy driven solution to improve the device interconnection of Internet of Things”. It outlined the issues we currently see with blockchain as well as what the future needs will be in order to support the needs of a global Internet of Things ecosystem. What caught me was the down to earth understanding of the needs and hurdles without any of the overbearing hype. It is a straight forward evaluation of current state, future state needs, their proposals to solve those issues and the technical details thereof. It speaks of Polkadot as the framework, with Tendermint and HoneyBadgerBFT as the basis of their two-tier consensus mechanism, data and user privacy at the forefront with a team of industry experts leading it.
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This framework allows for infinite scaling by the addition of subchains and custom functionality in those subchains that allows them to be defined for the particular application, be it private transactions, state transaction free data chain, smart contracts, etc. It easily accommodates interoperability between established networks like the Internet and enables pegging with other blockchains with a few simple transaction type inclusions. With this cross chain communication, manufactures wouldn’t have to negotiate their needs to fit an established blockchain, they could create their own subchain to fit their needs and interact with the greater network through the relay.
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By splitting the consensus mechanism, you effectively have two tires of nodes, one at the subchain level verifying transactions, passing them up to the supernodes which further verify by DPoS and create the block. Their whitepaper says the coin will be two tiered like with the primary INT token like a share of the blockchain, much like Neo. They also recently mentioned they plan to use the EOS supernode structure which selects the block producer based on an election mechanism. In these DPoS schemes, in order to encourage participation in the network and in voting, users who vote get part of the node reward proportional to the amount of coins staked. This means that there will be a block reward for anyone that holds coins and votes or maintains a node. (Current node staking requirements are not known.)
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The team understands the development hurdles facing the interaction of many different devices from many different manufacturers. They plan to solve this by standardizing requirements for communication and data exchange. They have heavy ties with several manufacturers and are currently developing an IoT router (with a yet to be confirmed telecom manufacturer) to be the gateway to the network.
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INT recognizes the strong need for an IoT network to have robust and efficient data handling and storage. They are utilizing a decentralize storage system using distributed hash tables (DHT) much like the BitTorrent system. These are used as lookup tables for key pairs so that nodes can efficiently retrieve values associated with a given key. This can be used to maintain a list of node addresses and public keys (miner nodes, super nodes, Meta nodes), IoT devices and their associated keys as well as distributed file systems and peer to peer information sharing. This will be the keystone of the node network and IoT device information transfer. This combined with the network implementation of all of the communication protocols (TCP/IP, UDP/IP, MANET) build the framework of a network that will effortlessly integrate any device type for any application in any network condition.
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(If you are interested in understanding these protocols further and what application they would have, see the linked post.)
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In order to protect the user and their data, they are implementing their own innovative Behavior Private Key (BPK) algorithm which is based on zero-knowledge proofs. This will pass the user’s intent on to the nodes and other device hardware, without identifying who sent the request. This will also protect users from behavior analysis in pseudo-anonymous systems like Bitcoin, where tracing transactions and behavior and correlating it to known, non-private information can lead to identification of the user.
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INT mentioned that the system will use machine learning to model strategies and clustering behavior, to group requests to further hide users. I am not sure exactly how this will be implemented but it sounds like it could be akin to Monero’s ring signature system of having a group of users sign a transaction but only one of the group is the actual user sending the transaction. Therefore the true user’s signature is hidden and neither the node nor the receiver knows who sent the transaction.
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They also talk about developing a network of DAPPs automatically running on IoT devices and the network enabled by smart contracts to automatically exchange data and transactions between humans and machines.
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Reading between the hints, this is the second time that INT has hinted at modeling and learning capabilities within the network. What capabilities will this learning system have? Does this intelligent learning system, combined with your BPK create a private profile accessible by your private key?
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So what do we have? A project based on Polkadot enabling endless scaling and unlimited applicability in a network that uses staking and supernodes from a Chinese project partnering with manufactures and telecom equipment companies that has tokens only traded on two exchanges with main net coming in the near future. They set out to accomplish more than WTC or VEN in a network that is better equipped than IOTA or Ethereum. If they can execute on what they have laid out, there is no reason that they won’t become the market leader, easily overtaking the market cap of VeChain ($2.5B, $10 INT) in the short term and IOTA ($7B, $28 INT) in the medium term. Sounds like an IoT sleeping giant.
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If you are curious to see how INT stacks up against other IoT projects, take a look at this breakdown.
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For the curious, Polkadot ICO prices put them at a market cap of $350M, close to that of Waltonchain and would yield an INT price of $1.40.
submitted by Graytrain to CryptoCurrency [link] [comments]

Dissecting the very worst Blockchain article ever, from July. I've suffered for my art, now it's your turn. 1500 words I can't use.

Working on the book. I’m attempting the section that punctures the business blockchain hype. In doing so, I spent a couple of hours a couple of evenings ago adding 1500 words of raw notes that are way too detailed on too insignificant a target. But you can have them instead. I did shove the first two paragraphs of the text below into a footnote.
seed article: Nick Ayton. “Ignoring Blockchain Is Corporate Suicide: Why Blockchain is the biggest single threat to all CEOs for destroying corporate value”. Innovation Enterprise, 7 July 2016. Go and READ THAT FIRST, before you read the usenet-style fisking below.
This is not an excerpt. Well, the first two paras are. But the rest is just my notes as I went through this terrible piece of shit. If you’re amused, good! If you’re not, i’ll try to do better in the actual text.
In the several years I’ve been following Bitcoin and blockchains, this is the single worst, stupidest and most incoherent piece of “Blockchain” hype I’ve seen; you definitely need to read it, to inoculate yourself against the worst excesses of this foolishness.
The author spends the first third of the article repeating how devastating Blockchain will be to business, the second third making technically garbled or meaningless unsubstantiated claims about the future and the last third on a list of predictions, many of which have already been shown unfeasible and three or four of which are literally out of ’80s cyberpunk science fiction, as if he read too much William Gibson as a lad and thinks Blockchain will make Mona Lisa Overdrive real.
So let’s use the Ayton piece as an example, listing the claims.
The first seven paragraphs are claim-free hype about how devastating Blockchain will be if you don’t understand it, repeated. The eighth contains what looks like a factual statement, “based on cryptography that sits above the Internet Protocol network layer”; this is actually technically meaningless. The next bit with a claim in … well:
A plan that considers the supporting acts; AI and Machine Learning, BOTs, and Cognitive computing will accelerate the pace of change and then there is Ethereum.
Someone asked me what Ethereum was… My response: ‘Imagine giving the Internet a dose of Viagra and increasing the dose each day'… The Blockchain Age is here!
Capitalisation in original. There is a form of argument called the “Gish Gallop”, named after young-Earth creationist Duane Gish, in which you throw half-coherent claims at your interlocutor as fast as you can, and if they fail to address any of them you claim a win. It works on the principle that it takes ten times as long to properly refute a ridiculously not-even-wrong statement as it takes to make it. But let’s note that “AI and Machine Learning, BOTs, and Cognitive computing” are barely associated with blockchains, and “bot” is a shortened form of “robot”, not an acronym. The Ethereum claim is … vivid.
Because they have no central friction or variation of the corporate truth and completely disintermediate markets in a single move.
This is an example of the “promise” of Blockchain, in the sense of “strong but unfounded claim”.
It starts with the decentralization of everything, a single version of the truth (Golden Source) that removes the need for constant validation of everything. In the past few decades, there has been an erosion fundamental trust in commerce and especially any transactions involving government and/or banks.
The first sentence appears to contradict itself (how do you decentralise to a single Golden Source of truth?). The second sentence is shaped like a claim of fact, but claims to be measuring a decrease in a subjective quantity (some particular meaning of “trust”) while the economy has grown significantly.
Customers are looking for their version of the truth. This has manifested in ‘negative commerce’ where the focus is placing the burden of proof and risk on individuals and the ‘small people’, whose rights have been diluted and whose identity has been tampered with, as well as a forced reliance on systems that control your credit ratings, delay payments and play with your private information over which control has been lost, leaving people feeling powerless and exposed. With Blockchain, the underlying governance, risk and compliance essentially change, returning control and trust.
The second sentence states a problem; the third claims to fix it, but without specifics. The reader would assume such strong claims are going to be substantiated in detail later, but we’re over halfway through already.
Blockchain is a diversion of power on all sides as it levels the playing field and makes the rules of engagement equal. However, in other areas it gives one a 1000% advantage. Leaving the broader social impact to one side, Blockchain along with its tech friends (AI and BOTs) will remove 90% of the non-value added roles in any organisation and 50% of the value added roles that will require only partial human intervention.
In this paragraph, the implied promise is “You can fire most of your employees.”
And there are Autonomous Agents that moves us one step closer to Distributed Autonomous Enterprises (DOA) that will start with hybrid models that control functions and run Business Units and discrete operations. Time and cycle time will be independent of human interventions. The disruptions I see in a new Blockchain world are:
I would love to think that initialising Distributed Autonomous Organisation (not “Enterprise”) as “DOA” was intentional. The author’s understanding of financial technology and of the capabilities of real-world artificial intelligence appears to be on the level of magic.
At this point the article finishes with a list of predictions and no detailed technical backing for the strong claims above:
  • excess capacity will be sold creating new asset classes, traded by individuals who may live off grid
Excess capacity in what – human resources? Capital assets? The new asset classes presumably means cryptocurrency and similar tokens and their derivatives; the “off grid” appears to be from half-remembered cyberpunk science fiction.
  • all types of value can be stored and controlled by their owners (rights)
This is obviously attractive to business, but there is no detail of what this actually means.
  • new levels of cooperation and collaboration will increase the volume of individual commerce (i-Commerce)
This is not making a substantive claim, and the jargon term appears to have been invented for this article. (A web search on “i-commerce” turns up a software package and a multilevel marketing scheme.)
  • the use of physical cash will reduce by 90% with digital tokens taking over via micro-payment social media structures and the exchange of value itself
Bitcoin already failed to manage micropayments, and the extensions to help it do so (sidechains, Lightning Network) have spent years in development hell. This claim appears to be extrapolated directly from already-disproven hype. The phrase “the exchange of value itself” seems meaningless.
  • people will be able to trade and compete on equal terms with corporations, or without them (banking without banks)
This is the Bitcoin claim “be your own bank”, which turned out so unattractive in practice that even Bitcoin advocates overwhelmingly keep their coins on rickety and unreliable exchanges.
  • the nature of leadership and decision making will change and managers will be accountable in new ways
This is not making a substantive claim.
  • rewards, pricing value and payments will be immediate, transparent and secure, with consensus
This is a common “Blockchain” promise, where smart contracts run on a blockchain with magical zero delay; the “consensus” makes no sense here except in the sense of the blockchain transactions being verified.
  • the concept of GDP will disappear as a means of judging value (output) and the need for double entry and audit will diminish
The first part of this is not substantiated in any manner. The second appears to mean the substitution of a blockchain for an ordinary ledger.
  • new forms of banking (not banks) will enable ordinary people to hold and trade value not just cash and assets
The promise of being your own bank again, and again it is entirely unclear what special sense of “value” he is using here.
  • the costs we associate with many of the things we consume should more than half as unnecessary bureaucracy and intermediaries are removed
This is a form of the ideological libertarian claim that all regulation is unnecessary friction that must be removed, with unsubstantiable claims of gains from doing so.
  • people will create versions of themselves (avatars, social profiles) and will control/manage their online image, content and data, requiring a fundamental change in the law and intellectual property rights
The first part is ’80s cyberpunk fiction, the second is slightly more nuanced ’80s cyberpunk fiction; neither seems to follow from blockchains.
  • operating models will not be operating models but a means of sharing and transporting value as defined by smart contracts, living services and IoT insight
The first part of this is at least a clear claim: that a business’s operating model will be implemented largely in smart contracts on a blockchain. His meaning for “living services” is not clear. “IoT” is the Internet of Things, and it’s not clear how smart lightbulbs or fridges fit in here.
  • standard cost accounting already struggling in a digital world will be replaced as value measurement on the back of entirely new into new asset classes
The replacement of other ledgers with a blockchain ledger, and typing so fast that grammar and basic proofreading fall by the wayside.
  • open free trade will replace WTO using smart contracts helping to close the inequality gap
This is a libertarian fever dream I’ve never seen stated quite so concisely, but there is no mechanism whatsoever by which it would close any inequality gap.
  • augmented reality using VR and holographic systems will feed off sensory layers that will sit on the Ledger of Things connecting the world
Ayton read too much William Gibson as a lad, and seems to be living in hope that Blockchain will make Mona Lisa Overdrive real.
  • Governments will try to regulate Blockchain and will fail
Financial authorities have so far not imposed significant regulation before the fact, but they’ve been moderately active when the perpetrators of egregious fraud interface with real world money.
  • Banks and Financial Services organisations will have their own version of the truth ‘permissioned’ Blockchain’s which is a distorted view of the truth and lies
What the.
  • CEOs and C-suite management teams will be fired more frequently for non-performance where all decisions and corporate conversations will be testament to their tenure
This is a substanceless claim to finish on a fearful note.
First comment on the article: “Did a Markov chain generate this horseshit?”
Ayton has a pile of these, all apparently generated from the same internal Markov chain text generator. You'll be pleased to know he's available for consulting.
submitted by dgerard to Buttcoin [link] [comments]

1st Round AMA Answers!

Based on the volume of questions from the East and West, we have compiled them all here. We also want to make sure the community has a chance to see all of the answers in a neat and orderly presentation.
 
Reddit 1st AMA Answers
What do you mean by “side chains”? Will the Hcash main chain run parallel with other chains, or are other chains plugged in based on certain block numbers? My question is based around the vertical and parallel scalability I see with EOS. What is the interaction with the side chains? Is this faster than vertical scaling?
Side chains will run parallel and be interoperable with the main chain. Side chains allow for new, more efficient, consensus mechanisms as well as smart contract functionality. Eventually other major blockchains will be interoperable with Hcash, through side chains and relays, DAG EVM for ETH, and other “Layer 2” solutions (Lightning Network for BTC and BTC forked code). Side chains allow for different scalability methods, flexibility and accessibility.
Is quantum resistance to protect against hacking, or against “fast mining” (preventing inequality between PoW miners)? How is it possible to guarantee quantum resistance? Isn’t our understanding of quantum computing just based on theories since quantum computers are not fully functional yet?
Quantum resistance is the protection against attacks made by quantum computers, which is currently contrasted by what we know about classical computers. Quantum computers weaken the security assumptions of certain types of cryptography, including ECDSA. If ECDSA were broken, attackers could steal balances in addresses that have made previous spends because the ECDSA public key for the address is revealed to the blockchain. Addresses with unexposed ECDSA keys will be resistant to this type of attack, as they are secured by RIPEMD160 and their ECDSA keys have not been revealed. Quantum resistance does not mean quantum proof. Quantum resistance means that quantum-based attacks do not have a significant advantage over the computers we have today. Based on what we currently know, our signature scheme is quantum resistant. No one knows what the future holds which is why it is important to always continue research and development into quantum resistant cryptography.
What do you mean by “exchange of value and valuable information”? Is this the exchange of coins and smart contracts?
The “value” you are referring is not derived from our current understanding of value (fiat). The “true value” that blockchain systems hold is stored in the hashes themselves. Data and information is king.
Imagine that in 2 years, a kid walks up to you and asks, “What do you do and how does it help society?”
We are one of many projects that helped build a more secure web of connected devices, and revolutionized peoples’ opinion on value and what really matters.
An uninformed businessman who has no understanding of blockchain, but has heard Bitcoin approaches you. How do you explain your product and the benefits to him so that he remembers to give you a call the next day?
Tell him to do his research on blockchain first before selling him on some grand idea. Smart investors grow a stable smart economy, not dumb money.
After reviewing the Hcash source code on GitHub https://github.com/HcashOrg/hcashd, I've found that almost all the Hcash main chain code has been written by SJTU (Shanghai Jiao Tong University), for example https://github.com/sammy00 https://github.com/yczhangsjtu. What have other contributors, such as the Nucleus Team, done for Hcash?
Shanghai Jiao Tong University’s Lab of Cryptography and Computer Security is the primary contributor to the main chain code. It is no small feat to have the 4th best university in China working on this project. The Nucleus Team is working with them to finish main chain testing. After the main chain launch, the Nucleus team will focus on the future development for Hcash including our side DAG EVM and main chain Lightning interoperability.
The main chain public repo hasn’t been updated very frequently.
Please refer to our new GitHub. The frequency of updates will increase as we approach/ pass the main chain launch.
When will the swap from Hshares to Hcash take place?
The swap to the main chain will take place after the main chain launch mid-February. Announcements will be made as to how and where you can swap your Hshares for Hcash.
What is the exact date of main chain launch?
The main chain launch will take place mid-February. We are aiming for release on February 15th.
Will you provide interoperability for all the existing blockchains?
We hope to provide interoperability for all blockchains in the future. That is a lot of work though. We will start with the larger chains that have healthy development and community sizes first. To make this easier, we plan to provide a back-end solution for new blockchains to make this process easier.
Will the interoperability between the blockchains support both transfer of data and transfer of value?
Yes
What is a block-less blockchain? Is this a traditional distributed system?
A block-less blockchain accomplishes the same goals as a traditional blockchain by using consensus to determine the order of transactions. A block-less blockchain, such as a DAG, allows for faster consensus without traditional block size requirements. Faster consensus means higher throughput.
How will Hcash bridge block-less and traditional blockchains?
Through relays between our main chain and side DAG. A more technical analysis will be available in our upcoming yellow paper.
What signature scheme will you use to achieve quantum resistance? Why?
Hcash is using the BLISS signature scheme. Hcash’s version of BLISS has been hardened to mitigate side channel attacks. BLISS was chosen for its efficient key and signature size.
Provide an overview as to how inoperability will be achieved.
We will be using relays to Hashed Timelock Contracts for Lightning Network interop on our main chain, relays and colored coins that operate with our DAG EVM, bridges to side chains for more uncommon chains, and back-end protocols for newer blockchains.
Specifically, what is the theory behind Hcash’s interoperability?
This answer would be longer than the entire AMA. Unfortunately, the specifics will have to wait until the yellow paper release. In the meantime, I would read the Lightning Network whitepaper because it is an excellent source of information. You could also research BTC relays and EVMs.
What is the timeline for interoperability? Will this be the main focus of Hcash? When can be expect an Alpha version?
We will be updating the roadmap in Q2. Interop timeframes will be easier to gauge after the main chain release. There are quite a few ideas around what we would like to tackle next, whether it would be assisting other projects on Lightning Network development, the DAG EVM implementation, or possibly both at the same time.
How will swap values be calculated when switching between blockchains? Is it based on the current market value?
Yes, it would be based on the current, real time market value.
Will you update the whitepaper to include a comprehensive overview of interoperability, its theory and its exchange functions?
In the coming months we plan to do an update on the white paper. The technical analysis will be provided in our yellow paper. These will be detailed in the updated roadmap to be released after the main chain launch.
Can you explain who will use the Hcash? I am trying to figure out where the supply and demand will come from.
Our target audience is everyone, from people playing mobile games to supporting business and government logic. The supply and demand will come with the need to transfer more and more data across multiple platforms. As for the economic model, this has not been outlined yet. We will be exploring all methods that fall in line with creating smart economies, including 2 token models.
Will you be hiring an advertising team?
We are already expanding Western marketing, primarily in the US. More focus on this will come soon after the main chain.
What are ring signatures in cryptography? How do they work?
At this time, we are exploring more efficient transaction schemes, such as bulletproofs. Bulletproofs can reduce the computational power needed for privatized/ anonymous transactions.
Most of us understand the interoperability of the network. What is a specific use case for Hcash? What role will Hcash have in the network? What makes it a requirement for interoperability? If someone has Bitcoin and wants to convert it to Ethereum using Hcash’s network wallet, is Hcash used as a fee for that conversion?
Here is an analogy. You walk into an arcade with 20 different machines. Each of these machines takes a different token, but you only have coins that operate with one of these machines. This would be the type of solution we hope to provide. Fees can be paid with Hcash. In the future we can explore taking fees in other denominations as well. More of this would be explained in detail with our yellow paper and economic model.
 
Baidu 1st AMA Answers
What specific date will the main chain go online?
Main chain release is mid-February, but we are aiming for launch on February 15th.
Are you willing to divulge how many apps you have in development for the Hcash main chain?
The primary focus right now is to improve the stability of the Hcash main chain. This will ensure successful launches in the future for developers on our side DAG EVM.
What is the Martian’s current relationship to Hcash? Is he still part of its team?
The Hcash team is currently located on Earth. The last I heard the Martian was returning to Mars.
Will the main chain go up according to schedule? Are there any problems with Hcash? The specialist sales team was made up of shareholders/ investors, right?
Provided no unforeseen circumstances, we are on schedule for the main chain release. There are roadblocks and disconnects with every project. This is a new world of technology we are exploring. I think the team you may be referring to is the Hcash Foundation themselves. A lot of the Western marketing and development is being handled by the Nucleus Team.
Is the code on GitHub all original? Are all developments executed on GitHub? Why is there so little original code? There are so few modifications. I also noticed there are remarkably few references to the code. Most of them are from documents that have been updated.
Many engineers have worked to contribute to the blockchain community over the years. We are taking advantage of the hard work and research that has been done while also making our own meaningful contributions for others to use in their code. It is important to acknowledge the contributions of others. The work completed by Decred in particular has allowed us to grow. Now we will have our chance to contribute back to them and others with our post quantum signature scheme and NG implementation. There are advantages of having similar projects that people don’t realize. For example, after our main chain launch we can explore assisting with development on the Lightning Network. As for GitHub, you will see activity increase when the main chain launches.
What is scope of the Hcash R&D team?
To assess, research and develop cutting edge decentralized consensus mechanisms and applications.
Hcash is currently collaborating with three universities. Shanghai Jiao Tong University has been working on the main chain quantum resistance. What are the main responsibilities of the other two universities?
Building blockchain technology is a group effort. The other teams have also been researching other options for main chains, smart contracts etc. For example, Dr. Joseph Liu from Monash University is working on ring signature schemes to continue our research and development into privatized transactions. We are looking forward to taking the best efforts of all teams and bringing them to the blockchain communities at large, starting with the post quantum implementation from LoCCS at Shanghai Jiao Tong University.
The Westerners working on Hcash don't seem very enthusiastic. They aren't following a lot of people on Twitter. Does the team have any clearer plans for increasing publicity?
The Westerners are primarily focused on the technology, development, and creating more content. The community management will be increasing transparency and activity in time. More Western marketing can be done after the launch of the main chain.
Are there plans to get onto more exchanges such as Bittrex?
When moon? We are constantly considering all options to allow users to access Hcash. Currently we are listed amongst some of the top exchanges like Binance and growing exchanges like KuCoin.
When will quantum resistant technology be implemented into Hcash? Where can we follow the developments being made and is there anywhere we can go to participate in the project?
Quantum resistant technology is available now on GitHub at https://github.com/HcashOrg/hcashd and will be available for use outside of the testing environment when the main chain launches in the middle of February.
Where do you download the wallet? How do you mine?
The wallet for the new main chain can be found on GitHub at https://github.com/HcashOrg/hcashwallet. You can mine on the new main chain by joining a pool or using the hcashd node to solo-mine.
When will Hshares swap Hcash? Can you announce a general time?
Hshares can be redeemed for Hcash after the main chain launches in the middle of February. Announcements will be made regarding how and where to swap your Hshares for Hcash.
Will there be an address mapping when Hshares swaps to Hcash like there was with EOS? What other kind of mechanism will be used for the coin swap?
A snapshot of Hshares will be included in the Genesis (first) block of Hcash’s launch to allow users to convert their Hshares into Hcash. An announcement will be made as to how, when and where conversions will take place.
When will the main chain that can support smart contracts go online? When will tokenization for Hcash take place?
Smart contract functionality will be available when our side DAG launches. Users, businesses and developers will be able to build dApps, launch tokens and more. We are making sure the main chain is a stable foundation before adding our DAG to the Hcash ecosystem.
There aren't many updates on GitHub and there aren’t many contributors. What kind of coordination is going on with the development team?
Both the Nucleus Team and members of Shanghai Jiao Tong University LoCCS are working together to finalize testing. Updates are being made to our GitHub at https://github.com/HcashOrg/hcashd.
Based on what I've been reading, Shanghai Jiao Tong University is mainly responsible for the main chain portion of the project. How is their team doing? How many research students in their labs are helping them?
Shanghai Jiao Tong is responsible for building and launching the new main chain. Their team there has been doing a great job with research and development and we look forward to seeing more of their work. The Nucleus Team is currently working with them to finish testing. After testing, the Nucleus team will focus on the future development of the project including our side DAG. I do not know the size of their team as we have not visited their lab.
Can you confirm that the main chain will finally go up in mid-February? Is it just a hypothetical date and then a further delay?
The primary responsibility is to make sure the main chain is stable and secure so that it can be used as the foundation to add other important features to the Hcash ecosystem, like smart contracts and hidden transactions. Everyone is working very hard to hit the target release date of mid-February. We are planning on mid-February for the launch unless anything unexpected comes up.
What is the status of these interoperability features? When is the main chain going online?
Main chain will be released mid-February. The interoperability features depend on the stability of the network. Our side DAG EVM will be the quickest addition to the Hcash ecosystem that will allow for ETH interoperability. Lightning Network on the main chain will require further research and development.
Won’t zero knowledge proofs conflict with the system’s throughput?
We are currently working on more uncommon implementations of zero proof knowledge, such as bulletproofs that allow for efficient transaction speeds. We can also achieve higher throughput with our side DAG.
 
Thank you to everyone who participated! Round 2 of our AMA session leading up to the launch of the main chain will be announced shortly 😊
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